The IRS and selling personal cars???

[Jeff H]

I wouldn't have a problem paying tax on a profit since it's basically the same as income.

[SamLBInj]

[ QUOTE ]
I wouldn't have a problem paying tax on a profit since it's basically the same as income.

[/ QUOTE ]
You would if you got bumped into the top bracket
Let say you are married and making 50K a year, You sell that 500 original mile 69 ZL-1 camaro you bought back in 1972 for 3 grand for 700k and make a 697K profit...Then tax becomes substantial and the tax man comes licking his chops You could buy a Yenko for what you would be paying in taxes Now on the other hand, you could be sneaky and have a second bill of sale for $3,500.00 but if you get caught you will be best friends with some guy named Bubba and playing house in his little 6x8 room
I say Legalize drugs, control them, opens lots of rehabs and tax the ship out of it like tobacco and well never have to pay income tax again Be sorta like reliving the 60's all over again
Sam

[NEW]

TAXES in Norway!.

On all cars older than 30 years we pay 24 % tax on the invoice value, in addition there is a one time only tax for all cars coming in to the country regardless of age, on abt. 1000 US$.

On cars as new as for example the Hot Rod Camaro i bought last year, sticker price abt. 45K, add. 24%, plus if i want to have plates for registration, add 70KUS$, and this is true!!!

A new C5 Corvette is costing just about 185 K US$,

I have dealer plates, so i do not put registration plates on my cars, this lets me pay only 24% on the invoice value..

Our IRS is way harder on us, than yours!!


NEW

[SamLBInj]

[ QUOTE ]
TAXES in Norway!.

On all cars older than 30 years we pay 24 % tax on the invoice value, in addition there is a one time only tax for all cars coming in to the country regardless of age, on abt. 1000 US$.

On cars as new as for example the Hot Rod Camaro i bought last year, sticker price abt. 45K, add. 24%, plus if i want to have plates for registration, add 70KUS$, and this is true!!!

A new C5 Corvette is costing just about 185 K US$,

I have dealer plates, so i do not put registration plates on my cars, this lets me pay only 24% on the invoice value..

Our IRS is way harder on us, than yours!!


NEW

[/ QUOTE ]
What do you mean "add 70K for Plates"? Holy Snikees!
Damn, thats down right theft...How much does a Volvo cost you?
Sam

[NEW]

What do you mean "add 70K for Plates"? Holy Snikees!

What i mean, is that if i would like this car to have real license plates, and be able to use it daily as transportation, just as all the Volvos and Mercedes here, i would have had to pay another 470000 of my kind of money, and that would be abt. 70000 US$,

The IRS know what they want, and how to get it!

NEW

[SamLBInj]

[ QUOTE ]
What do you mean "add 70K for Plates"? Holy Snikees!

What i mean, is that if i would like this car to have real license plates, and be able to use it daily as transportation, just as all the Volvos and Mercedes here, i would have had to pay another 470000 of my kind of money, and that would be abt. 70000 US$,

The IRS know what they want, and how to get it!

NEW

[/ QUOTE ]
Ok, I just got a new Mercedes SL600 and it cost me 140K, How much would that same car cost you to be able to drive down the road for a gallon of milk?
Sam

[NEW]

Ok, I just got a new Mercedes SL600 and it cost me 140K, How much would that same car cost you to be able to drive down the road for a gallon of milk?
Sam


An SL600, an guesstimate is around 320000 US $...

Average salary here is 40 - 45 K US, minus what the IRS wants, that normally is around 33 - 42 % on regular wages.

NEW

[Belair62]

Capital gains tax is higher on short term gains...long term goes down in percentage...

[SamLBInj]

[ QUOTE ]
Capital gains tax is higher on short term gains...long term goes down in percentage...

[/ QUOTE ]
Tell me about it, Man did I get whacked for some day trading a few years back ...Now my motto is "Long Term"
Sam